DTN Midday Grain Comments 10/18 10:50

DTN Midday Grain Comments 10/18 10:50 Corn and Wheat Higher; Beans Lower Corn trade is 2 cents to 3 cents higher; beans are 1 cent to 2 cents lower and wheat trade is 3 cents to 6 cents higher at midday Wednesday. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with an S&P of 30 points at midday Wednesday. The dollar index is 30 points higher. Interest-rate products are weaker. Energies are firmer with crude up 1.40 cents and natural gas up .03. Livestock trade is mostly lower. Precious metals are higher with gold up $17. CORN: Corn trade is 2 cents to 3 cents higher with trade remaining solidly range bound with the $5 area continuing to loom over the market as harvest pushes ahead with spread action remaining stable. The weekly ethanol report showed production up by 31,000 barrels per day with stocks off by 414,000 barrels. Basis should remain steady short-term with trade needing to be on the back half of harvests to develop broader strength with good progress likely in the next few days. On the December chart, the 20-day at $4.87 is nearby support with the $4.75 lower Bollinger Band key support. Resistance is at the $4.99 area, which represents the recent highs and then the $5.06 2-month high followed by the bigger upside chart resistance point at the 200-day moving average of $5.37 1/2. SOYBEAN: Soybean trade is 1 cents to 2 cents lower with firmer spread action as trade gives back the early overnight gains with mixed product action and continued harvest progress. Meal is .50 to $1.50 higher and oil is 20 to 30 points lower. The daily wire showed some life with 132,000 metric tons booked by China. Harvest should continue to press towards the homestretch with warmer short-term weather, while South America moves forward with trade watching Central Brazil the most for issues as we head towards the bigger part of the growing season. The November soybean chart has support at the $12.54 lower Bollinger Band with the 20-day at $12.84 above that, with the Upper Bollinger Band at $13.14 as resistance if we consolidate over $13.00 today. WHEAT: Wheat trade is 3 cents to 6 cents higher at midday with trade trying to turn two-sided again during the day session after overnight strength as overall range-bound action continues as we consolidate above the recent lows. Plains planting progress should continue at a normal pace with further moisture needed to establish good stands with emergence still lagging a bit. Trade will continue to watch world events with little fresh Black Sea news along with little change to Australian conditions. Matif wheat is firmer at midday while the dollar remains at the upper end of the range. On the KC December Chart, support is at the lower Bollinger Band at $6.46 with the 20-day moving average at $6.83 nearby resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.